https://www.taxtmi.com/caselaws?id=192131 Income from a business held under trust for religious or charitable purposes falls within the exemption in section 4(3)(i) of the Indian Income-tax Act, 1922 when it is applied or accumulated for those purposes. Clause (b) of the proviso does not withdraw that exemption where the business itself is the subject of the trust; it applies only to income derived from a business carried on on behalf of a religious or charitable institution. Accordingly, the income remained exempt and was not brought into the taxable total income, with the answer favouring the assessee. en-us Fri, 20 Jan 1961 00:00:00 +0530 Mon, 15 May 2017 18:18:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192131 Income from a business held under trust for religious or charitable purposes falls within the exemption in section 4(3)(i) of the Indian Income-tax Act, 1922 when it is applied or accumulated for those purposes. Clause (b) of the proviso does not withdraw that exemption where the business itself is the subject of the trust; it applies only to income derived from a business carried on on behalf of a religious or charitable institution. Accordingly, the income remained exempt and was not brought into the taxable total income, with the answer favouring the assessee. Case-Laws Income Tax Fri, 20 Jan 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192131